CONTROL PRINT 2022-23 Annual Report Analysis

Thu, 13 Jul

CONTROL PRINT has announced its results for the year ended March 2023. Let us have a look at the detailed performance review of the company during FY22-23.

CONTROL PRINT Income Statement Analysis

• Operating income during the year rose 18.8% on a year-on-year (YoY) basis.
• The company's operating profit increased by 21.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 25.0% in FY23 as against 24.4% in FY22.
• Depreciation charges increased by 2.2% and finance costs increased by 33.0% YoY, respectively.
• Other income grew by 75.8% YoY.
• Net profit for the year grew by 31.8% YoY.
• Net profit margins during the year grew from 15.6% in FY22 to 17.4% in FY23.

CONTROL PRINT Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	2,562	3,043	18.8%
Other income	Rs m	23	40	75.8%
Total Revenues	Rs m	2,585	3,083	19.3%
Gross profit	Rs m	625	761	21.8%
Depreciation	Rs m	148	151	2.2%
Interest	Rs m	11	14	33.0%
Profit before tax	Rs m	489	636	30.0%
Tax	Rs m	88	107	21.9%
Profit after tax	Rs m	401	529	31.8%
Gross profit margin	%	24.4	25.0
Effective tax rate	%	18.0	16.9
Net profit margin	%	15.6	17.4

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CONTROL PRINT Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 584 million as compared to Rs 469 million in FY22, thereby witnessing an increase of 24.4%.
• Current assets rose 17% and stood at Rs 2 billion, while fixed assets rose 13% and stood at Rs 1 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 4 billion as against Rs 3 billion during FY22, thereby witnessing a growth of 16%.

CONTROL PRINT Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	2,569	2,940	14.4
Current Liabilities	Rs m	469	584	24.4
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	3,237	3,740	15.6
Current assets	Rs m	2,077	2,430	17.0
Fixed Assets	Rs m	1,160	1,311	13.0
Total Assets	Rs m	3,237	3,740	15.6

CONTROL PRINT Cash Flow Statement Analysis

• CONTROL PRINT's cash flow from operating activities (CFO) during FY23 stood at Rs 545 million, an improvement of 8.7% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -363 million, an improvement of 36.7% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -173 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 9 million from the Rs 79 million net cash flows seen during FY22.

CONTROL PRINT Cash Flow Statement 2022-23

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-22	Mar-23
Cash Flow from Operating Activities	Rs m	502	545	8.7%
Cash Flow from Investing Activities	Rs m	-265	-363	-
Cash Flow from Financing Activities	Rs m	-158	-173	-
Net Cash Flow	Rs m	79	9	-88.2%

Current Valuations for CONTROL PRINT

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 32.4, an improvement from the EPS of Rs 24.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 652.0, stands at 20.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.6 times, while the price to sales ratio stands at 3.5 times.
• The company's price to cash flow (P/CF) ratio stood at 10.9 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Sales per share (Unadj.)	Rs	156.9	186.3
TTM Earnings per share	Rs	24.6	32.4
Diluted earnings per share	Rs	24.6	32.4
Price to Cash Flow	x	10.6	10.9
TTM P/E ratio	x	14.5	20.1
Price / Book Value ratio	x	2.1	2.5
Market Cap	Rs m	5,510	7,416
Dividends per share (Unadj.)	Rs	9.0	9.0

Ratio Analysis for CONTROL PRINT

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 4.2x during FY23, from 4.4x during FY22. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 45.9x during FY23, from 47.0x during FY22. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 18.0% during FY23, from 15.6% during FY23. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 22.1% during FY23, from 19.4% during FY22. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company improved and stood at 14.5% during FY23, from 12.7% during FY22. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Current ratio	x	4.4	4.2
Debtors’ Days	Days	894	895
Interest coverage	x	47.0	45.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	12.7	14.5
Return on equity	%	15.6	18.0
Return on capital employed	%	19.4	22.1

To see how CONTROL PRINT has performed over the last 5 years, please visit here.

CONTROL PRINT Share Price Performance

Over the last one year, CONTROL PRINT share price has moved up from Rs 431.5 to Rs 652.0, registering a gain of Rs 220.5 or around 51.1%.

Overall, the S&P BSE SENSEX is up 20.2% over the year.

(To know more, check out historical annual results for CONTROL PRINT and quarterly results for CONTROL PRINT)